Transportation
IDR/PCR
Healthcare/Hospital
Special Tax
Education
GO State
GO Local
Lease
Power
Pre-Refunded
Water & Sewer
Housing
Resource Recovery
VRDN
Insured
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 03/31/2016

State Assets
CA 19.4%
NY 10.6%
TX 8.8%
PA 7.3%
IL 5.3%
NJ 3.8%
IN 3.4%
OH 3.3%
FL 3.1%
GA 2.9%
MA 2.6%
AZ 2.3%
Puerto Rico 2.1%
MI 2%
LA 1.7%
SC 1.6%
MD 1.6%
VA 1.6%
HI 1.4%
CO 1.3%
NE 1.3%
KY 1.3%
WA 1.2%
NC 1.1%
AL 1.1%
CT 0.9%
OK 0.7%
MO 0.7%
ME 0.7%
Other U.S. Territories 0.6%
DE 0.6%
DC 0.5%
TN 0.5%
VT 0.4%
AR 0.4%
OR 0.4%
IA 0.3%
ND 0.3%
NV 0.2%
RI 0.2%
MN 0.2%
WV 0.1%

Portfolio Details as of 03/31/2016

Total Net Assets
$1.93 B
Number of Issues
479
Average Coupon
5.40%
Average Effective Maturity
17.4 Years
Average Effective Duration
7.29 Years

Credit Quality Distribution as of 03/31/2016

A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 3/31/2016

  • Relative to its benchmark, the Barclays Municipal Bond Index, the portfolio is overweight in the 12- to 19-year maturity range, as longer bonds exhibited relative value given the composition of new issue supply.
  • The portfolio continues to maintain an overweight in revenue bonds, including transportation and industrial revenue bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio continues to maintain an overweight in lower rated bonds owing to attractive credit spreads and solid underlying credit quality.
  • The portfolio is overweight in high-tax states due to better liquidity and total return potential.
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